Annual Report 2010 - Enel.com

The following table reports the fair value of derivatives on the basis of the measurement inputs used, as provided for
under the amendments to IFRS 7.
Millions of euro Level 1 Level 2 Level 3
at Dec. 31,
2010
Cash flow hedge derivatives:
- interest rates 3 - 3 -
- exchange rates 45 - 45 -
- commodities 19 5 14
Total
Fair value hedge derivatives:
67 5 62 -
- interest rates 2 - 2 -
Total
Trading derivatives:
2 - 2 -
- interest rates 33 - 33 -
- exchange rates 124 - 124 -
- commodities 550 81 418 51
Total 707 81 575 51
TOTAL 776 86 639 51
37. Other current liabilities - €8,052 million
Millions of euro
at Dec. 31, at Dec. 31, 2009
2010 restated 2010-2009
Payables due to customers 1,500 1,484 16
Payables due to Electricity Equalization Fund and similar bodies 2,519 3,058 (539)
Payables due to employees 512 368 144
Other tax payables 717 589 128
Payables due to social security institutions 207 190 17
Payables for put options granted to minority shareholders 655 437 218
Other 1,942 2,021 (79)
Total 8,052 8,147 (95)
“Payables due to customers” include €882 million (€728
million at December 31, 2009) in security deposits related
to amounts received from customers as part of electricity
and gas supply contracts. Following the finalization of the
contract, deposits for electricity sales, the use of which is
not restricted in any way, are classified as current liabilities
given that the company does not have an unconditional
right to defer repayment beyond twelve months.
“Payables due to Electricity Equalization Fund and similar
bodies” include payables arising from the application of
equalization mechanisms to electricity purchases on the
Italian market amounting to €1,507 million (€1,738 million
at December 31, 2009) and on the Spanish market
amounting to €1,012 million (€1,320 million at December
31, 2009).
The item “payables for put options granted to minority
shareholders” at December 31, 2010 essentially regards
the liability to Enel Distributie Muntenia in the amount
of €512 million (€332 million at December 31, 2009),
Enel Energie Muntenia in the amount of €89 million (€58
million at December 31, 2009) and Marcinelle Energie in
the amount of €37 million (€16 million at December 31,
2009). These liabilities, which are estimated at fair value
on the basis of Level 3 inputs, are determined on the basis
of the exercise conditions specified in the contracts;
the change for the year produced a decrease of the same
amount in the goodwill of the subsidiaries.
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